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Feb 6, 2013
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there are other taxes put in place and the debt ceiling will be dealt with. that will be a big battle between entitlement cuts and raising the debt ceiling. i think all these issues will bear on the market when people are very enthusiastic about it. i think this market is vulnerable. >> interesting to date, with all the noise in the market, stocks have been able to put on pretty good ear plugs. >> that's often the case. you've been around long enough. sometimes the market sloughs off bad news until it doesn't. >> that's for sure. >> how about your earnings forecast? 100 bucks, less than many people on the street are expecting. how does that mesh with the fact you're coming off a pretty good earnings season. expectations have come down but two-thirds of the companies have beaten. >> two-thirds of companies have beaten but you look at a chart of expectations, they're coming down. earnings expectations are rolling over and performance is coming down. the s&p has been able to earn $25 or better a quarter. i think we will see quarters $23. i don't think the market
there are other taxes put in place and the debt ceiling will be dealt with. that will be a big battle between entitlement cuts and raising the debt ceiling. i think all these issues will bear on the market when people are very enthusiastic about it. i think this market is vulnerable. >> interesting to date, with all the noise in the market, stocks have been able to put on pretty good ear plugs. >> that's often the case. you've been around long enough. sometimes the market sloughs...
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Feb 8, 2013
02/13
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i mean, the sequester, the debt ceiling, fiscal cliff, all these things are not so much real problems as they are manufactured partisan problems. but underneath them, you have this real problem which is basically the republicans won the debate on taxes, and the democrats have won the debate on the safety net. and as a result, that's sort of the deficit that we have. and the question is how can we solve it? and history suggests economic growth is the best way, but this deficit is also big enough in the long term that it's probably not going to be enough. and we need some combination of spending cuts and tax increases as well. >> yeah, how do we make that happen, sam? >> i was going to say, part of the problem is the tax revenue problem, which is that you don't have enough people making good incomes, paying good taxes, which is used to fund the social safety net that we value very highly. but it's also a health spending problem in that we spend a of d a lot of that's end of life health as well. one of the curious things about the health care debate when we're through, there's a huge bac
i mean, the sequester, the debt ceiling, fiscal cliff, all these things are not so much real problems as they are manufactured partisan problems. but underneath them, you have this real problem which is basically the republicans won the debate on taxes, and the democrats have won the debate on the safety net. and as a result, that's sort of the deficit that we have. and the question is how can we solve it? and history suggests economic growth is the best way, but this deficit is also big enough...
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Feb 8, 2013
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. >> nobody is worried about this upcoming debate on sequestration, on the debt ceiling. you think that creates noise and disruption. >> i do, maria. i think that you've got a trifecta coming off, you've got the skywest raise and the debt ceiling and the eurozone so there's still a lot of volatility out there, so that's have we're cautiously optimistic. you need to be properly allocated in order to reap the rewards of the greatest capital machine in the world which is our united states stock market. >> thanks, everybody. appreciate your time. >> we'll see you soon in the final stretch of trading. we've got a market that's higher on the dow jones industrial average. >> remember, the dow needs to be up 66 points or there abouts to be positive. don't look now but suddenly apple is up past $475 a share and it's all because big investors have a beef with the board. we'll talk to one major investor who is on apple's side in this battle. >> look outside new york city and our cnbc headquarters. it is bad and it's getting worse. the big worry now, power outages. believe it or not,
. >> nobody is worried about this upcoming debate on sequestration, on the debt ceiling. you think that creates noise and disruption. >> i do, maria. i think that you've got a trifecta coming off, you've got the skywest raise and the debt ceiling and the eurozone so there's still a lot of volatility out there, so that's have we're cautiously optimistic. you need to be properly allocated in order to reap the rewards of the greatest capital machine in the world which is our united...
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Feb 7, 2013
02/13
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he voted against the debt ceiling deal. he is a fiscal conservative. at the same time, on an issue like immigration, because the personal becomes political in his case. he is looking at what is best for america in terms of bringing these folks, many of whom didn't come here, you know, on their own steam, came here as young children. these people are americans just the way his family was. i mean, turns out that his grandfather was an undocumented immigrant. and because of special legislation that we have regarding cubans, the 1966 cuban refugee law, you know, he was allowed to become a citizen. so he is the beneficiary of this. he knows that we, of course, are a nation of immigrants. i think it will move him more towards the middle and move him as a person who can reconcile left and right. >> speak offing of immigrants, what is the back story -- i know there was cloudiness early on about his story about his family, about his upbringing. what have you cleared up there? >> well, michael grunwald wrote our story, and he cites this biography of came out on
he voted against the debt ceiling deal. he is a fiscal conservative. at the same time, on an issue like immigration, because the personal becomes political in his case. he is looking at what is best for america in terms of bringing these folks, many of whom didn't come here, you know, on their own steam, came here as young children. these people are americans just the way his family was. i mean, turns out that his grandfather was an undocumented immigrant. and because of special legislation...
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Feb 1, 2013
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. >> with the fiscal cliff and debt ceiling and trying to get bipartisan, but over here is something called poverty, 50 million americans and racial disparity and cities collapsing and the like. i'm going to make the case we should build america an urban infrastructural bank for the purpose of long-term loans. we do it in europe and japan. and no other country charges people to repatriate their money once they pay taxes in that country. but we do. but if we, in fact, took a portion of that money, part for research and development and part of it for an institutional bank, you could do what banks are not doing, and that's invest in these downtrodden areas of our country. >> gillian, we've been talking about it for years, trillions of dollars sitting on the sidelines not coming back to america. how do we get it back here? >> almost $2 trillion. you've got average household earnings down over the past four years, poverty is up. we need this money working in our economy. how do we get it here? >> absolutely. i think the reverend's idea is very interesting because right now many of the com
. >> with the fiscal cliff and debt ceiling and trying to get bipartisan, but over here is something called poverty, 50 million americans and racial disparity and cities collapsing and the like. i'm going to make the case we should build america an urban infrastructural bank for the purpose of long-term loans. we do it in europe and japan. and no other country charges people to repatriate their money once they pay taxes in that country. but we do. but if we, in fact, took a portion of...
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Feb 9, 2013
02/13
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. >> at minimum we've got to raise the debt ceiling. so, that's the bare minimum that has to be achieved. >> here is what john boehner and the republicans in the house were demanding. >> the house cannot pass a bill that raises taxes on job creators. the house could only pass a debt limit bill that includes spending cuts larger than the hike in the debt limit as well as real restraints on future spending. >> and here is what john boehner said when the final bill was si signed into law with the dreaded sequester. >> when you look at this final agreement that we came to with the white house, i got 98% of what i wanted. i'm pretty happy. >> to his credit, that's how republicans lindsey graham remembers it as well. >> as john will say it with straight talk, we have our fingerprints as republicans on this proposal, on this sequestration idea. it was the president's idea, according to bob woodward's book, but we as the republican party gagreed to it. we got in this mess together and we're going to have to get out together. >> joining me now a
. >> at minimum we've got to raise the debt ceiling. so, that's the bare minimum that has to be achieved. >> here is what john boehner and the republicans in the house were demanding. >> the house cannot pass a bill that raises taxes on job creators. the house could only pass a debt limit bill that includes spending cuts larger than the hike in the debt limit as well as real restraints on future spending. >> and here is what john boehner said when the final bill was si...
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Feb 8, 2013
02/13
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. >> fiscal cliff, the debt ceiling, immigration he said there's room but, look, republicans need to get religion on this. do you expect a similar tone in the state of the union? >> he has a limited amount of time. they feel they have a so-called m mandate from their victory not losing the senate. i think it's kind of full speed ahead for the president right now. he's going to go as bold as he can go, limited amount of time. i think i disagree a little bit on the economy. i think it's a course correction for him. i feel he's maybe second-guessing, not talking about the economy during his inaugural speech, now maybe i should have talked about that. >> which is fascinating because if you look at the first term in a lot of ways, you know, he started off -- you had a republican party that was largely kind of in the doldrums and he started off with economic stimulus and health care which united the party in some way. is he -- is he smart to refocus on the economy, jim? >> yes. >> and probably the more important question, is there actually -- we had angus king on saying there's common grou
. >> fiscal cliff, the debt ceiling, immigration he said there's room but, look, republicans need to get religion on this. do you expect a similar tone in the state of the union? >> he has a limited amount of time. they feel they have a so-called m mandate from their victory not losing the senate. i think it's kind of full speed ahead for the president right now. he's going to go as bold as he can go, limited amount of time. i think i disagree a little bit on the economy. i think...
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Feb 8, 2013
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it seems like john boehner did it on -- he did it on the debt ceiling. he did it on sandy aid. could it be -- could his days be numbered? >> after the fiscal cliff. he promised he wouldn't do it again. he told his members. he has said that he won't do it again, but there's going to be pressure on a ton of issues, and, you know, for him it's going to be a personal decision. in some ways that's how it's framed in washington whether it comes down to whether or not there will be a continuation of the hastert rule. it's about speakership. >> in terms of let's say it's a rosier picture than we thought it would be on gun safety laws. i guess how much of that rosyness carries through on immigration. it could really go either way, i think. there is still a debate over the path to sit sflenship. >> as well as on immigration frankly. i'm not down there counting votes, and howard might be -- you put a number 30, 40 house republicans that would be for some sort of gun control. on immigration it almost seems like the numbers are closer to 100. especially in some of the conservative districts
it seems like john boehner did it on -- he did it on the debt ceiling. he did it on sandy aid. could it be -- could his days be numbered? >> after the fiscal cliff. he promised he wouldn't do it again. he told his members. he has said that he won't do it again, but there's going to be pressure on a ton of issues, and, you know, for him it's going to be a personal decision. in some ways that's how it's framed in washington whether it comes down to whether or not there will be a...
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Feb 5, 2013
02/13
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president obama has signed a debt ceiling suspension into law. the measure allows the government to keep borrowing to pay its bills. it puts off the next congressional battle over the debt ceiling until may. boeing is asking the faa for permission to resume test flights of its grounded 787 jet. it wants to test the batteries and other components in flight since certain conditions can't be simulated on the ground. the faa is evaluating boeing's request. >>> in wall street 2013 rally interrupted with a major averages suffering their worst one-day loss in a year on monday's trading. the last hour we spoke to goldman's jim o'neil about the prospects of making money in this market. >> i think to sell if you're a medium term player is probably not a smart move. but if you've made all the gains, to take some off the table isn't a crazy idea either. >> joining us now is nouriel roubini, chairman and co-founder of roubini global economics. you're not like a market master, maybe like a market jedi. plus andrew still here from fortune magazine. the one and
president obama has signed a debt ceiling suspension into law. the measure allows the government to keep borrowing to pay its bills. it puts off the next congressional battle over the debt ceiling until may. boeing is asking the faa for permission to resume test flights of its grounded 787 jet. it wants to test the batteries and other components in flight since certain conditions can't be simulated on the ground. the faa is evaluating boeing's request. >>> in wall street 2013 rally...
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Feb 6, 2013
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we agree on debt ceiling in terms of fiscal, that won't get breached. we're less certain about the continuing resolutions. we think there will be argument and sequestration a drag. >> we agree with that. >> from a growth perspective, a little more than 2%. housing is key. we see the manufacturing piece as positive, not necessarily on employment side because there's such great productivity in u.s. manufacturing and energy will add over time. there's definitely positives. still, this year, the fiscal issues -- >> i have to break in -- >> more breaking news. >> is this monopoly. >> from john harwood this morning, obama is set to nominate sally jewel extensiecu of rei equipment. >> that is so fitting. >> outdoor company for interior secretary. >> you were going to say something? >> we are a big believer in long term growth, especially energy sector. we just bought dahlman rose an investment bank focused on the natural supply chain and think there's huge growth in the capital for small companies and energy sector in particular and think there's a cyclical bo
we agree on debt ceiling in terms of fiscal, that won't get breached. we're less certain about the continuing resolutions. we think there will be argument and sequestration a drag. >> we agree with that. >> from a growth perspective, a little more than 2%. housing is key. we see the manufacturing piece as positive, not necessarily on employment side because there's such great productivity in u.s. manufacturing and energy will add over time. there's definitely positives. still, this...
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Feb 1, 2013
02/13
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. >> your thoughts on the debt ceiling. >> no. >> you think we are in danger of a bond bubble? >> i don't even know what that is. >> which mario has done a better job monti or draghi? >> monti or draghi? you know i have no idea what you're talking about, so -- >> what's your favorite show on television? >> hmm. "american greed." >> really? >> yeah. >> can you open that up for me? >> oh! >> you just made my day. >> i wish we could show more of that stuff. that was michael james, guys. and he was touched. because he tweets about "american greed" all the time. and i went on to talk to him about his favorite show and he's like god forgive me, but the one when the preacher steals from the church, and he went through this whole thing about how that's his favorite show. matt burke went to harvard he knows his stuff with the ravens and the kicker for the niners, he's a cramer guy and he's a conservative aaa-rated tax-free bond guy. >> i feel so bad for these guys because it's kind of like talking to me about football. if you ask me those questions, like oh, yeah. >> they would get angr
. >> your thoughts on the debt ceiling. >> no. >> you think we are in danger of a bond bubble? >> i don't even know what that is. >> which mario has done a better job monti or draghi? >> monti or draghi? you know i have no idea what you're talking about, so -- >> what's your favorite show on television? >> hmm. "american greed." >> really? >> yeah. >> can you open that up for me? >> oh! >> you just made my...
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ceiling, but we need to apply it to the broader budget and appropriations process. >> and the thing is, it's just -- democrats haven't produced a budget in the senate. they haven't voted for any of the president's own budget. there's the full screen now. >> you were in congress. budget sets policy, right? you don't have a budget, you don't have policy. >> that's what i don't understand because you get there in january. you get sworn in. and you know what the first four months are? battles over what's going to be in the budget. because you know when that budget falls in april, that's going to define who you are as a party, who you are as a congress, and who i am as an individual member whether i vote for that budget or vote against that budget. the fact that harry reid's senate and that harry reid himself has gotten in the way of a former really good budget chairman not passing a budget is shameful. and now you have the president saying, well, i'm against the sequester cuts. well, okay, great. what are you going to replace them with? i don't know. no specifics. they never give specif
ceiling, but we need to apply it to the broader budget and appropriations process. >> and the thing is, it's just -- democrats haven't produced a budget in the senate. they haven't voted for any of the president's own budget. there's the full screen now. >> you were in congress. budget sets policy, right? you don't have a budget, you don't have policy. >> that's what i don't understand because you get there in january. you get sworn in. and you know what the first four months...
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Feb 9, 2013
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ceiling and fiscal cliff. he is still right in there with more of the highbound tea-party issues. whether it's rand paul or paul ryan for 2016 and i know people want to throw up when they start thinking about 2016 already, but there's a new generation of republican leaders that are jockeying for position and he is a moderate on certain issues. >> i want to put up your magazine cover, and i want to put up your international cover as well. this is -- this is the international cover here. marco rub yo and the next america. no savior mention here. >> we chose that cover line, because, yeah, the switching that is going on right now. we did not think that marco rubio was a internationally famous figure, the way that he is a nationally famous figure. and we wanted to highlight the long-term demographic trends that is taking place in the america. where it's more multi-culture society. one more finally tuned to immigration. that is something that "time" can do as a global brand. >> we will go with that explanation. >>
ceiling and fiscal cliff. he is still right in there with more of the highbound tea-party issues. whether it's rand paul or paul ryan for 2016 and i know people want to throw up when they start thinking about 2016 already, but there's a new generation of republican leaders that are jockeying for position and he is a moderate on certain issues. >> i want to put up your magazine cover, and i want to put up your international cover as well. this is -- this is the international cover here....
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Feb 6, 2013
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>>gretchen: you say forget the debt ceiling, forget the fiscal cliff. we have a demographic cliff, meaning that we have more older people now to sustain in our society and not enough young people coming up to keep the balance? >> right. that's what happens when you're below the replacement period for a long period of time. you have many more old people, fewer young people to support them. then you have to make choices. do you cut defense, cut benefits for the older people, do you raise taxes on workers? it winds up in a very bad situation. >>gretchen: let's look at the american family size. in the blue line, you're going to see, this is zero to two kids. that's been on the rise. in the red it's three-plus kids, which has been on the decline. i'm in the blue. i have two kids. you're currently in the red. you have three kids. but people having bigger families obviously for a variety of reasons is just not happening. >> it's harder. it's harder for all sofrts of reason -- sorts of reason. take, for instance, college. we are expanding educational opportunit
>>gretchen: you say forget the debt ceiling, forget the fiscal cliff. we have a demographic cliff, meaning that we have more older people now to sustain in our society and not enough young people coming up to keep the balance? >> right. that's what happens when you're below the replacement period for a long period of time. you have many more old people, fewer young people to support them. then you have to make choices. do you cut defense, cut benefits for the older people, do you...
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Feb 5, 2013
02/13
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ceiling issue so that they can breathe a little bit and try and move away from just these fiscal sues. now on the horizon there are lots of house republicans, particularly younger ones, who say let's cut the defense budget, let those automatic spending cuts take place, and there are lots of senior republicans who say, not so fast. so that's going to be a problem within the republican party as we look ahead. >> where does karl rove and his new super pac fit into that? >> did you ever think republicans would call him a rhino, republican in name only. here you go. i've always thought of karl rove as a conservative. what's going on is his pac has said, you know what, we are tired of someone associated with his pac said to me, quote, the novelty of losing elections has worn off, and what they've decided to do is to start putting their money in primaries. they want to vet republican primary candidates so that by the time they get to the general election they believe they have qualified vetted candidates who can actually win. conservatives are saying, this is not what you should do. you need
ceiling issue so that they can breathe a little bit and try and move away from just these fiscal sues. now on the horizon there are lots of house republicans, particularly younger ones, who say let's cut the defense budget, let those automatic spending cuts take place, and there are lots of senior republicans who say, not so fast. so that's going to be a problem within the republican party as we look ahead. >> where does karl rove and his new super pac fit into that? >> did you ever...